Inventories

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Inventories

4. Inventories

Inventories consist of the following (in thousands):

	March 31, 2022		December 31, 2021
Raw materials	$	3,201	$	2,703
Work-in-process		3,276		2,522
Finished goods		1,567		1,927
Total inventory	$	8,044	$	7,152

Work-in-process and finished goods as of March 31, 2022 and December 31, 2021 include conversion costs and exclude the cost of insulin. All insulin inventory on hand was written off and the projected loss on the purchase commitment contract to purchase future insulin was accrued as of the end of 2015. Raw materials inventory included $0.8 million of pre-launch inventory as of March 31, 2022 and December 31, 2021, which consisted of FDKP received in November 2019. The Company expects to receive FDA approval of the new source of FDKP in 2023.

The Company analyzed its inventory levels to identify inventory that may expire or has a cost basis in excess of its estimated realizable value. The Company also performed an assessment of projected sales and evaluated the lower of cost or net realizable value and the potential excess inventory on hand at March 31, 2022 and December 31, 2021. Inventory that was forecasted to become obsolete due to expiration as well as inventory that does not meet acceptable standards is recorded in costs of goods sold in the condensed consolidated statements of operations. There were no inventory write-offs for the three months ended March 31, 2022 or 2021.